Which of the following operators is the equivalent of the IN comparison operator?
a.
c. =ANY
d. =ALL
c
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An express warranty is a written guarantee that assures the buyer that he or she:
A) is getting what he or she desired. B) will be able to get express response if any defects are found. C) is getting what he or she has paid for. D) will be able to contact the manufacturer whenever needed. E) has limited time for filling out information required by the manufacturer.
Which of the following qualitative characteristics of financial information requires that information NOT be biased in favor of one group of users to the detriment of others?
a. Relevance b. Reliability c. Verifiability d. Neutrality
Every summer for two weeks the pipe manufacturing plant closes to allow its employees to take vacations. In order to make sure he has enough pipe on hand to cover the shutdown, Bob's plumbing shop orders more pipe than usual to make sure he doesn't run out of inventory. This is referred to as ________ stock.
Fill in the blank(s) with the appropriate word(s).
Pack-it Co. sold a packaging machine to Boxes Ltd. and nothing was said in the contract about any guarantee of quality or performance. The machine broke down after one day of use. Which of the following statements is true?
A) Boxes Ltd bought "as is" and must pay the cost of the repair itself. B) The Sale of Goods Act implies a term of fitness for general use into the agreement even thought the parties said nothing about it. C) The courts will imply a warranty into an agreement by common law principles. D) Boxes may rely on Pack-it's express warranty. E) None of the above.